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Coronavirus
Coronavirus Updates: Impact on the Diamond Trade
The COVID-19 pandemic that has swept the globe has had a notable impact on the diamond industry, with new developments unfolding every day. Here, we present a one-stop, running news feed on industry events impacted...
Polished Markets Apr 07, 2020 Rapaport News
Rough and Polished
Diamond Prices Slides in March as COVID-19 Spreads
RAPAPORT PRESS RELEASE, April 7, 2020, Las Vegas…Diamond prices fell in March as the spreading coronavirus led to a dramatic decline in the global economy. Diamond markets are under pressure and facing a severe liquidity crisis as jewelry...
Polished Markets Apr 07, 2020 Rapaport
Jwaneng
De Beers Converting Facilities to Tackle Virus
De Beers is using its mining sites in Botswana and its technology production center in the UK to help the fight against COVID-19.Debswana, the company’s joint venture with Botswana, is making facilities available for the government to use...
Mining Apr 06, 2020 Rapaport News
Nimesh Patel
De Beers CFO to Leave Company
De Beers chief financial officer Nimesh Patel will exit the company on July 26 to become CFO and executive director at UK-based Spirax-Sarco Engineering.Patel joined De Beers parent company Anglo American in 2012 as group head of corporate finance....
Mining Apr 02, 2020 Rapaport News
De Beers Orapa mine
Market Slump Prompts Botswana Downgrade
S&P Global Ratings has lowered Botswana’s credit rating, citing weaker diamond revenues because of the current global recession.The credit agency downgraded the country’s long-term sovereign credit rating to “BBB+” from “A-,” indicating...
Mining Mar 30, 2020 Rapaport News
Namdeb employee sorting through rough diamonds.
De Beers Cancels March-April Sight
De Beers has called off this week’s sight in Botswana, citing restrictions resulting from measures to contain the coronavirus.Lockdowns in Botswana, South Africa and India are prohibiting sightholders from traveling and preventing the shipment...
Rough Markets Mar 30, 2020 Rapaport News
Venetia mine
De Beers Cuts Venetia Workforce During Lockdown
De Beers will reduce its worker head count at its sole diamond mine in South Africa by around 75% in response to the country’s measures to curb the spread of the coronavirus, parent company Anglo American said Friday.The...
Mining Mar 29, 2020 Rapaport News
Rough diamond
De Beers Enables 100% Deferrals at March Sight
De Beers is allowing sightholders unlimited deferrals at its upcoming rough-diamond sale as manufacturing closures have obliterated demand, market sources told Rapaport News.The rare step follows the shutdown of the Surat polishing industry this week...
Rough Markets Mar 26, 2020 Joshua Freedman
Petra Finsch mine
South Africa, Lesotho Mines Set for Shutdown
Petra Diamonds, Gem Diamonds, Firestone Diamonds and Lucapa Diamond Company are suspending operations at their mines in South Africa and Lesotho due to government measures to curb the spread of the coronavirus.South Africa has introduced...
Mining Mar 25, 2020 Rapaport News
Mountain Province
Mountain Province Loss Widens Amid Weak Pricing
Mountain Province’s losses intensified in 2019 as weaker anticipated diamond prices led to the devaluation of its Gahcho Kué mine.The miner posted a net loss of CAD 128.8 million ($89 million), compared with a loss of $14.1 million...
Mining Mar 24, 2020 Rapaport News
Miners coronavirus
Production Continues as Miners Fight Virus Impact
Alrosa, Petra Diamonds and Lucara Diamond Corp. are among the companies putting special procedures in place in preparation for a possible coronavirus outbreak, while still continuing operations at their mines.Alrosa, which has not had...
Mining Mar 19, 2020 Leah Meirovich
De Beers Botswana
De Beers Sight Still On Despite Travel Ban
De Beers’ upcoming sight in Botswana will still take place despite the country’s ban on arrivals from the US, China, India and Belgium, the miner has confirmed.“While this is an extraordinary situation and COVID-19 has...
Rough Markets Mar 18, 2020 Joshua Freedman
Diamond Grading
Sarine Ushers In Era of In-Factory Grading
Sarine Technologies has launched a new platform enabling manufacturers to tap its automated grading systems and issue a report in-house to support the needs of jewelers.The company this week introduced its eGrading innovation via a video...
Technology Mar 12, 2020 Avi Krawitz
Penelope Cruz 150
Lab-Grown Marketing: Multifaceted Messaging
When lab-grown diamonds first started to make noise in the consumer jewelry market, much of the marketing power driving them forward was about cutting through the confusion. Are they real? Why do they cost...
Polished Markets Mar 11, 2020 Rachael Taylor
Alrosa diamond sorting
Alrosa to Maintain Supply Flexibility
Alrosa has pledged to remain flexible with its supply policy during the current industry downturn, as the coronavirus has left clients unsure how much rough to buy.“The virus has triggered uncertainty, and our...
Rough Markets Mar 08, 2020 Rapaport News
Jwaneng
Botswana Mining Decline Hits GDP Growth
Botswana’s economic growth slowed last year due to lower rough production, further aggravated by weakness in its diamond-manufacturing sector, the nation’s central bank said last week.Gross domestic product (GDP) increased 3.7% in the 12 months...
Mining Mar 04, 2020 Rapaport News
Rough diamond in loupe
De Beers Sales Fall as Virus Impacts Sentiment
De Beers’ rough-diamond sales declined 28% year on year to $355 million in February as the coronavirus hit demand.Many sightholders took up the miner’s offer to delay buying goods destined for China, sources in the rough market told...
Rough Markets Mar 04, 2020 Joshua Freedman
Press Release
Polished Prices Slide Amid Coronavirus Fears
RAPAPORT PRESS RELEASE, March 3, 2020, Las Vegas… Diamond trading declined sharply in February due to economic uncertainty surrounding the coronavirus. Manufacturers and dealers are facing a severe liquidity crunch as sales to China and Hong...
Polished Markets Mar 03, 2020 Rapaport
DTC Botswana
De Beers Reveals Overhaul of Sight System
De Beers plans to split sightholders into three categories and offer each group a more bespoke selection of rough diamonds as part of changes to its sales system.Manufacturers, dealers and retailers will sign specific supply contracts designed...
Rough Markets Mar 01, 2020 Joshua Freedman
De Beers sightholder examining rough
De Beers Lets Sightholders Defer Chinese Goods
De Beers has allowed clients to forgo buying certain rough diamonds at this week’s sight, as the coronavirus outbreak has raised concerns about a polished glut.The miner has let sightholders defer purchases of goods that produce...
Rough Markets Feb 26, 2020 Joshua Freedman
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